Following its user conference in Las Vegas last week, EFI has released its end of year results for 2018. The company reported revenue of $1.02 billion, up 2% compared the previous year, but saw a fall in the last three months of the year.
‘After spending last week at our Connect user conference meeting passionate customers who shared how critical our products are in enabling their businesses, my enthusiasm regarding EFI’s opportunity has only increased,’ said CEO Bill Muir. ‘At the same time, these conversations reinforce the need to improve execution, evolve our go-to-market strategy and accelerate innovation to help drive our customers’ success. To that end, we have recently launched initiatives that will create value for both our customers and EFI. These steps include a thorough supply chain review to identify cost savings, value stream mapping exercises to analyse our R&D process and identify waste, and a comprehensive assessment of our go-to-market approach. These are just the first in a series of initiatives we will implement over the coming months.’
He concluded, ‘While the benefits won’t be reflected in our results until late in the year, I am confident we have the right strategy in place to match EFI’s technological expertise with the superior execution that will delight our customers.’
For the three months ended 31 December 2018, the company’s revenue was $256.9 million, down 5% compared to $269.2 million for the same period in 2017. For the year ended 31 December 2018, it reported revenue of $1.02 billion, up 2% compared to $993.3 million in for the year ended 31 December 2017. The $1 billion figure was long considered to be the personal target of previous long-standing CEO Guy Gecht, who announced his resignation last summer.
